SG Micro Corp(SZ:300661) Great Wall Securities·2025-09-17 12:49Investment Rating - The report maintains a rating of "Increase" for the company [4][10]. Core Views - The company has shown steady growth in performance for the first half of 2025, with revenue reaching 1.819 billion yuan, a year-on-year increase of 15.37%, and a net profit attributable to shareholders of 201 million yuan, up 12.42% year-on-year [2][10]. - The company is focusing on deepening cooperation with clients and increasing investments in key areas such as industrial and automotive electronics, while actively exploring new markets and customers [2][3]. - The company has a diverse product matrix with over 5,900 products across 34 categories, catering to various customer needs and maintaining a competitive edge in the market [3][9]. Financial Summary - Revenue projections for the company are as follows: 2,616 million yuan in 2023, 3,347 million yuan in 2024, 4,082 million yuan in 2025, 5,152 million yuan in 2026, and 6,451 million yuan in 2027, with growth rates of -17.9%, 28.0%, 22.0%, 26.2%, and 25.2% respectively [1][10]. - The net profit attributable to shareholders is projected to be 281 million yuan in 2023, 500 million yuan in 2024, 652 million yuan in 2025, 873 million yuan in 2026, and 1,101 million yuan in 2027, with year-on-year growth rates of -67.9%, 78.2%, 30.3%, 33.9%, and 26.1% respectively [1][10]. - The company's overall gross margin for the first half of 2025 was 50.16%, a decrease of 2.17 percentage points year-on-year, while the net profit margin was 10.65%, down 0.32 percentage points year-on-year [2][3]. Product Development - The company is actively developing new products with a trend towards multifunctionality, high-end features, and complexity, utilizing advanced technologies in its chip products [3][8]. - The company has achieved significant progress in various emerging fields, including automotive electronics, artificial intelligence, and renewable energy, enhancing its market share and brand influence [3][9].